South Dakota cattle Ponzi scheme scams 24 million from investors

(Corsica, SD)  --  A Corsica farmer is ordered to pay back 24-million dollars in one of the biggest cases of cattle fraud in South Dakota history. 

Robert Blom was sentenced in federal court yesterday to seven-and-a-half years in prison.  He was charged with wire fraud and money laundering for selling the same cattle to multiple investigators.  In total, Blom scammed $24 million from 30 victims over a five year period, with one individual losing close to 3.75 million dollars.

Thirty counts were dropped as part of a plea bargain. 

Civil lawsuits filed against Blom are still ongoing, with court documents saying more than 70 parties were affected by his actions.